BackAsian Development Bank to provide $500 mn loan to develop Bengaluru Metro Rail
The company said, the two new metro lines, mostly elevated, will be constructed along Outer Ring Road and National Highway 44 between Central Silk Board and Kempegowda International Airport with 30 stations
PremiumIn a bid to expand the metro rail network in Bengaluru, the Asian Development Bank has assured to provide USD 500 million loan for construction of two new metro lines totaling 56 kilometers. ABD signed the agreement with the Centre on Thursday.
The company said, the two new metro lines, mostly elevated, will be constructed along Outer Ring Road and National Highway 44 between Central Silk Board and Kempegowda International Airport with 30 stations.
"This will help decongest traffic in the city area and provide seamless connectivity to the airport," it said.
The needs of vulnerable groups, such as the elderly, women, children, and differently-abled persons, will be reflected on the metro facilities, it added.
“The project supports the urban transformation of Bengaluru city into a more livable and sustainable city through support to urban public transport and urban development with concepts of transit-oriented development (TOD) and multi-modal integration (MMI)," said Takeo Konishi, Country Director of ADB's India Resident Mission.
Company also said, an additional USD 2 million technical assistance grant will help the state government formulate urban development plans and their implementing frameworks, focusing on TOD and multimodal integration. The grant will also be used to strengthen the capacity of the Bangalore Metro Rail Corporation Limited and other state agencies to implement these initiatives.
The TOD-based urban development model will target realigning growth and increase the city's economic productivity by creating higher density, compact, mixed-use, mixed-income, safe, and resource-efficient, and inclusive neighborhoods.
TOD also aims to raise land values along these corridors, generating capital revenues for the state government to meet the city's long-term investment needs.
The signatories to an agreement for the Bengaluru Metro Rail Project were Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, and Takeo Konishi, Country Director of ADB's India Resident Mission who signed for ADB.
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